Can You Still Become a Crypto Millionaire?

When it comes to ‘get rich quick schemes,’ there is no better method than trading. Either stock trading or Forex trading can lead to huge returns in a very shortperiod of time – if you understand the market and how to trade. Getting in at the start of a new technology or company is the best way to become a millionaire.Such risks, although unnerving, can pay off in the end. The same notion applies to cryptocurrencies today, and getting in now is the best way to become a millionaire before you know it.

As the cryptocurrency market fluctuates and increases, your investment automatically changes. Thankfully, cryptocurrency trends are on the rise – even with their dips. Bitcoin, for example, experiences huge growth during December 2017, and fell shortly afterwards, but if you look at the overarching pattern of Bitcoin’s value, you will realize that it has consistently been increasing in value since its inception. Even in 2018, Bitcoin is still expected by some analysts to reach a peak value of 100,000 USD. This indicates another increase of over 1000% in value, meaning that a $1 investment now can become $1000 by the end of the year. Therefore, if you were expecting the Bitcoin bubble to burst, then you may be waiting awhile.

The Purchasing Power of Bitcoin

The true value of Bitcoin, however, is not necessarily in its value to the USD, but in its purchasing power. As more vendors accept payment in Bitcoin, the currency will stabilize and so too will the value of the Bitcoins you have. For example, if you allowed Bitcoin payments at the start of 2016 when bitcoin was worth less than $1000 USD, this payment would have been increased approximately 2000% only a year later in December 2017. This means that a hotel night that your guest paid you $100 for would have become $2000 without you doing anything. If you missed that high, then don’t worry, because that same $100 in December 2016 would have experienced a 700% increase as of May 2018, meaning that your $100 would now be worth $700. The key to investing is to keep a constant eye on the figures and to pounce when the numbers look not only in your favor, but the company itself is promising. However, if you’re to take such a risk, you need to act responsibly.

The Underlying Problem with Cryptocurrencies

Cryptocurrencies are exceptionally volatile, and for good reason. There are no set requirements or governing body regulating it. This means that trading can be exceptionally risky, as you could become a victim to a scam or you might even break the law without realizing it. Though it is volatile, there is a lot of potential.

One avenue of potential exists in the fact that there are no opening and closing times that traditional traders must face. As Bitcoin and other Cryptocurrencies are digital entities, trading can be done entirely online. This trading is commonly done with the technology known as Blockchain. Blockchainis structured data that represents some sort of transaction record. Each record is individually signed, meaning that no one can tamper with it as it is traded from one person to another. When new information is introduced, algorithms must go through the transaction history of this new data to verify its integrity and authenticity. This means that trading Bitcoin is relatively safe, it is who you are trading it to where the danger lies, as well as in the volatile nature and worth of the cryptocurrency itself.

Moreover,though trading BTC to USD is said to be exceptionally risky now, this is where the opportunities lie. Every big investment carries some risk, but with a reward this big, it can be difficult to ignore. Just last year Bitcoin reached record highs and made worldwide news, and since then it has been making significant rises and dips – the perfect sort of volatile nature that means you have the potential to truly increase your portfolio. Just remember to never invest your entire life’s savings. Though there is a lot of potential, it is not a guarantee, and there are many other alt-coins out there that could take the lead as the worldwide cryptocurrency, or the technology might be banned outright altogether. The future is uncertain, but with great risk does come great reward, so know your limits and stay financially responsible as you trade.

Bitcoin’s future may be uncertain, but its potential is clear to everyone. Get involved in the cryptocurrency trade,and you can make a million or even more, simply by investing in future technologies and hedging your bets now.